MEXICO CITY (apro).- In the early hours of Thursday, the Mexican currency reached a maximum of 18.4543 pesos per dollar, thus continuing the pressure on the national currency.
With the announcements regarding the cabinet of the virtual president-elect Claudia Sheinbaum and regarding the monetary policy of the Bank of Mexico (Banxico) – whose reference rate will remain at 11% – the Mexican peso continued to show the volatility it has experienced throughout June.
Banxico announced the majority, but not unanimous, decision to maintain the reference rate at 11%, which indicates the possibility of inflationary risk due to the depreciation of the peso. At the close of the day, the national currency registered a decline of 18.4050 units against the dollar.
The peso depreciates slightly after the announcement by the Bank of Mexico, because the statement sends the signal that the inflationary risk due to the depreciation of the peso is offset by the economic slowdown. This leaves the door open to interest rate cuts in the coming months.
— Gabriela Siller Pagaza (@GabySillerP) June 27, 2024
The exchange rate at the close of yesterday’s session was 18.3648, according to Banxico, while today the minimum range is 18.2805 and the maximum reaches 18.4665 pesos per dollar today.
In addition, data on the growth of the US economy was released today, reporting that the US Gross Domestic Product (GDP) grew by 1.4% during the first quarter of this year, meaning that this period the economy of the neighboring country has had its slowest growth since 2022 for the same period.
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2024-07-04 23:09:28